✨ Financial Statements Notes
TOP ENERGY LIMITED
NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTS
STATEMENT OF ACCOUNTING POLICIES
FOR THE 12 MONTHS ENDED 31 MARCH 2004
STATEMENT OF ACCOUNTING POLICIES
The financial statements are those of the Line business of Top Energy Limited. Top Energy Limited is owned 100% by the Top Energy Consumer Trust and these organisations are in a "Prescribed Business Relationship" as defined by Requirement 3(1)(a)(ii) of the Electricity Information Disclosure Requirements 2004.
The period reported is 1 April 2003 to 31 March 2004.
These financial statements are prepared in accordance with Regulations 6(2) and 6(3) of the Electricity Information Disclosure Requirements 2004. The financial statements have not been prepared for the purpose of the Financial Reporting Act 1993, or the Energy Companies Act 1992.
GENERAL ACCOUNTING POLICIES
The accounting policies recognised as appropriate for the measurement and reporting of results and financial position under the historic cost method, as modified by revaluation of the distribution system, have been followed in the preparation of these financial statements.
Methodology of Separation of Business
Top Energy Limited has followed the Electricity Information Disclosure Requirements 2004 dated 7 May 2004, as issued by the Commerce Commission.
PARTICULAR ACCOUNTING POLICIES
The following particular accounting policies, which significantly affect the measurement of financial performance and financial position, have been applied.
1 Sales
Sales shown in the Statement of Financial Performance comprise the amounts received and receivable by the Company for electricity distribution services supplied to customers in the ordinary course of business. Sales are stated exclusive of Goods and Services Tax collected from customers.
2 Capital Contributions
Funds received from customers, as a contribution towards the cost of uneconomic supply facilities, are recognised in the statements of financial performance as soon as any obligations attaching to the contributions have been met.
Where a customer's circumstances change such that a part or all of the contribution is to be refunded, then a separately established reserve has been set up for this purpose. Contributions may be refunded within 10 years of the original date of payment.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2004, No 173
Gazette.govt.nz —
NZ Gazette 2004, No 173
✨ LLM interpretation of page content
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Certification of Financial Statements and Performance Measures for Top Energy Limited
(continued from previous page)
🏭 Trade, Customs & Industry12 December 2004
Financial Statements, Performance Measures, Certification, Top Energy Limited, Electricity Information Disclosure Requirements